Wednesday, March 5, 2014
The news at noon
More news later maybe. I've been busy. This'll keep you going for now:
Ritholtz - market highs are bullish, not bearish. I'll simplify it for you with even more sarcasm than Barry could ever muster: you see constant new all-time highs in bull markets. This is because the markets are going up. You don't sell all-time highs; you buy them. Unless you're a fucking moron.
Reformed Borker (Bork Bork Bork!) - the relentless bid explained. Money is flowing into the market because people have money, the market is going up because there is money to buy the market.
Calculated Risk - ADP 139k for Feb. ADP is useless, wait for the BLP on Friday.
Bonddad - Paul Krugman agrees with me! He's happy that the Krugginator agrees that gasoline prices act as a choke on the US economy. And as he notes, this is a tailwind for the US consumer. Still think the US has topped?
Reuters - iron ore hits 8-month low, traders rush to sell. As I said, this is important for me, because it indicates lower demand for iron ore as a collateral for business loans. Ignore it for now if you want, but if you do start hearing about iron ore collapsing, do please watch the gold price.